The Importers and Exporters Association of Ghana (IEAG) has commended the Bank of Ghana (BoG) for its planned injection of US$1.15 billion into the foreign exchange market, a move expected to bring significant relief to the shipping and maritime sectors.
In a statement issued by IDEG and signed by its Executive Secretary, Samson Asaki Awingobit, the Association described the central bank’s decision, which will be executed under the Domestic Gold Purchase Programme starting in October 2025, as a “bold” and “decisive intervention.”
The IEAG, a key partner in Ghana’s economic growth, stated that this initiative will shore up the country’s foreign reserves and enhance crucial forex liquidity. The Association highlighted that importers and exporters have historically struggled with high exchange rate volatility, which increased the cost of clearing goods at the ports and disrupted shipping schedules.
The release pointed to the cedi’s appreciation of more than 20% against the US dollar since January 2025 as a positive trend that this new intervention is expected to sustain.
According to the IEAG, the BoG’s action will yield several key benefits:
· Stabilising the cedi against major trading currencies to bring predictability to business costs.
· Enhancing forex liquidity to ensure timely access to foreign exchange for international trade.
· Supporting maritime operations by reducing costly demurrage charges and shipping delays caused by forex shortages.
· Boosting investor confidence within the maritime and logistics value chain.
The Association also welcomed the central bank’s parallel call for commercial banks to expand financial support for SMEs and agribusinesses, which are seen as critical drivers of Ghana’s export-led growth.
Samson Asaki Awingobit, Executive Secretary of the IEAG, expressed strong support for the initiative, calling it “long overdue.” He stated that the Association is “confident that this approach by the BoG will set Ghana’s economy on a more sustainable path,” particularly by strengthening trade flows at the ports.
The IEAG has pledged its full collaboration with the central bank and other stakeholders to ensure the successful implementation of the forex injection.
Story By: Dennis Ato Keelson
